Aston Martin will enter the EV market

The Aston Martin e-Cygnet will be available in 2013.

Luxury automaker Aston Martin will be entering the EV market in a few short years. However, fans of the sleek lines, big power and high-end luxury found in today’s Aston Martin’s might be a bit disappointed with the new electric vehicle. Why? It is based off of the Toyota IQ subcompact.

Aston Martin and Toyota are teaming up to release an electrified version of the Cygnet. The new electric vehicle, the e-Cygnet, should be available in 2013. Although the vehicle is based off of the economical Toyota IQ, it will be slapped with an Aston Martin-sized price tag. The non-EV version of the Cygnet costs nearly $50,000 and the electrified version will certainly cost more.

In a post about the new e-Cygnet for Inhabitat, Brit Liggett reports that, “the new EV is expected to be a huge cash puller for Aston Martin with its wholesale price at just 1/3 of its manufacturer’s suggested retail price.” Now that's a mark up.

Why would Aston Martin dabble in the electric vehicle market? One reason may be that the company needs to reduce its overall fleet fuel efficiency numbers. Other high-end automakers are also working on hybrids and electrified vehicles including Porsche with the 918 Spyder hybrid, Jaguar with the C-X75 and even a hybrid Ferrari.